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Yidai Shuts Shop Amid China Crackdown on P2P Lenders

Corrected

Yidai, an online peer-to-peer lending intermediary, is the latest to exit the business as China reins in its $176 billion experiment with this riskier form of financing.

The company set up a committee to start refunding its lenders after “months” of losses, Yidai said in statements over the extended holiday weekend. It has about 32,000 lenders with an outstanding principal balance of 4 billion yuan ($581 million), and expects to repay them in three-to-five years.